Watercraft Insurance

Boat Insurance in Ontario

When you, your family, and friends are on the water, you want to be protected. Whether you have a motor boat, sail boat, pontoon boat, or jetski, we will carefully review your needs so that your boat insurance in Ontario is uniquely adapted to your requirements. 

Save on your boat insurance in Ontario!

Boating course

Have you taken any boating courses? If you have taken a course of 30 hours of more, you can potentially save on your policy.

Bundle your policies

Additional discounts are applicable if you bundle your boat insurance in Ontario with your home, auto, or cottage insurance policies.

Anti-theft devices

Did you install an anti-theft device or a tracking device on your boat? You can potentially save on your premium if that is the case.

Marine survey

Obtaining an up-to-date marine survey will allow your broker to advise you on optimal coverage for your boat.

Do I need insurance to operate a boat in Ontario, Canada?

While boat insurance is not mandatory by law in Ontario, it’s highly recommended to have it for several reasons.

  1. Firstly, some marinas require proof of boat insurance before they allow you to dock your boat there.
  2. Secondly, boat insurance can provide financial protection in case of accidents, theft, or damage to your boat.
  3. Lastly, having liability coverage can protect you if your boat causes damage to other people or their property.

What does boat insurance typically cover?

Boat insurance can cover a wide range of situations, depending on the specifics of your policy:

  • Property Coverage: This protects your boat against damage or loss due to accidents, vandalism, theft, and other risks.

  • Liability Coverage: This can cover legal costs if you are found liable for damage to other boats, properties, or injury to others.

  • Medical Payments Coverage: This can cover medical expenses if you or your passengers are injured while operating or boarding the boat.

  • Uninsured/Underinsured Watercraft Coverage: If another boater is at fault in an accident and they don’t have insurance or not enough of it, this coverage can help pay for repairs, replacement costs, or medical bills.

How much does boat insurance typically cost in Ontario?

The cost of boat insurance in Ontario can vary significantly depending on factors such as the:

  • Type, size, and age of the boat
  • The intended use of the boat (fishing, cruising, watersports, etc.)
  • Value of the boat
  • Your boating experience
  • Your claims history.

On average, annual premiums can range anywhere from $200 for small, older boats to several thousand dollars for large, high-value boats.

What happens if I don’t have boat insurance and I get into an accident?

If you’re involved in a boating accident and you don’t have boat insurance, you could be held personally liable for repair or replacement costs for your boat, as well as any medical expenses or property damage incurred by other parties. This can result in substantial financial losses. Additionally, if you have a loan on your boat, your lender may require you to have insurance to protect the value of the boat.

What else do I need to know about boat insurance in Ontario?

If you are storing your boat at a marina, they may require you to have an insurance policy with a minimum liability coverage.

If your boat is only used on a small private lake with little traffic, you can likely opt for a lower liability limit and a higher deductible to lower your premiums.

There’s a fine balance between too small of a deductible and too high. You should review your deductibles with your insurance broker on a periodic basis as you can save on your boat insurance in Ontario.

You should also obtain a marine survey, which is an important step prior to purchasing a boat. 

Optimal coverage at competitive rates

Our goal is that you have adequate boat insurance in Ontario so that when you’re on the beautiful waters, you are cruising with complete piece of mind! 

Let us advise you and provide you with tailor-made and comprehensive marine insurance in Ontario to ensure that you get the most competitive rates and save on your premiums. 

Get a quote now